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| 15 November 2007 | Sydney | | | “Card-less” Visa payment launches in Australia | | | Visa and SCX Global introduce a new virtual prepaid payment product – VCARD | |
Visa International and SCX Global today launched a new payment product in Australia that provides a simple, safe and convenient way for consumers to purchase online everywhere that Visa is accepted, without the need for a plastic card or bank account.
Visa Virtual Prepaid provides an immediate and safe way to shop online or over the phone for consumers who may not have their own bank account or who may not choose to use their credit or debit card for purchasing online.
The SCX Global Visa Virtual Prepaid, VCARD, is issued by Heritage Building Society and is the first of its kind in Australia. Visa Virtual Prepaid is an innovative addition to Visa’s prepaid products which give consumers the choice to manage their finances through a ‘pay now, buy later’ payment option.
Consumers pay their chosen amount for the purchasing value of the card, plus a small set-up fee, either at a participating retail outlet or online. Visa Virtual Prepaid can be activated when the consumer enters the account’s reference number (provided at the time of purchase) through a secure website hosted by the provider. Following registration, the consumer will receive a Visa account number. An expiry date and special three-digit security code (CVV2) are delivered separately and immediately either via email or SMS.
Bruce Mansfield, Executive Vice President, Australia, New Zealand and South Pacific, Visa International said Visa Virtual Prepaid makes it easy for everyone to pay bills and buy products and services on the internet.
“The arrival of Visa Virtual Prepaid gives people even more choice. Now you don’t even need a piece of plastic or even a bank account to shop online or to purchase over the phone,” Mr. Mansfield said.
“Visa prepaid cards are a new product platform in Australia that complement debit and credit cards and enable consumers to pre-pay an amount for later spending.
“Visa prepaid products are a popular way to maintain financial control, making it easy to keep a track of spending, monitor transactions and manage budgets.
“Importantly, account holders are generally protected in the event of unauthorized or fraudulent transaction,” Mr. Mansfield said.
Mark Williams, Regional Manager, Asia Pacific, SCX Global said SCX Global is the first Visa Virtual Prepaid provider in Australia and the fourth worldwide.
“VCARD is quick and easy to get, simple to use and offers a secure way of shopping online. You don’t need a bank account to get one; there’s no credit check involved and, once you’ve registered and activated the VCARD online you can use it to make purchases on the internet immediately wherever Visa is accepted,” Mr. Williams said.
A Visa Virtual Prepaid product called 3V was launched in Ireland in 2005 and in the UK in late 2006. At the end of March 2007 there were more than 100,000 active 3V customers in Ireland (comprising 15 percent of the national online purchasing population[1]).
For more details on the SCX Global VCARD logon to www.virtualvcard.com
[1] Source: Internet Association of Ireland – March 2007 and IPSO October 2006
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About Visa
Visa operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries.
For more information, visit www.corporate.visa.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. These statements may be identified by the use of words such as “will,” “believes,” “anticipates,” “intends,” “estimates,” “expects,” “projects,” “plans” or similar expressions. Such forward-looking statements include, without limitation, statements about the restructuring and related transactions, strategy, future operations, prospects, plans and objectives of management and events or developments that we expect or anticipate will occur. The forward-looking statements reflect Visa’s current views and assumptions and are subject to risks and uncertainties, which may cause actual and future results and trends to differ materially from the forward-looking statements, including but not limited to Visa’s ability to achieve its strategic objectives and the expected goals of the restructuring; general market conditions; the outcome of legal proceedings; uncertainties inherent in operating internationally; and the impact of law and regulations. Many of these factors are beyond Visa’s ability to control or predict. Given these factors, you should not place undue reliance on the forward-looking statements.
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